The responsibility for adopting sound accounting policies, maintaining internal control, fair representations in the financial statements is under the: Select one: Oa. Finance Department O b. Law Regulators Oc Board of Director d. Financial auditor

Q: Who bears the responsibility of the preparation of company’s financial statements?   A         The…

A: The external auditors are responsible for the auditing of the company

Q: True or false the audit committee is responsible for overseeing the entire financial reporting…

A: SOLUTION EXPLANATION- THE PRIMARY PURPOSE OF COMPANY'S AUDIT COMMITTEE IS TO PROVIDE OVERSIGHT OF…

Q: auditor's role in ensuring that rules and regulations

A: 1) Auditor shall obtain understanding of:          (a) Legal and regulatory framework…

Q: As per ISA 700, Which of the following is NOT a specific evaluation while forming an opinion on…

A: ISA 700 is International standard on auditing which deals with forming an opinion and reporting on…

Q: Under the Public Financial Management Act, Audit Committees are required to play important roles in…

A: Audit Committees are required to play important roles in corporate governance and Accountability…

Q: 3. Who bears ultimate responsibility for the financial statements? a. Management of the…

A: The preparation and presentation of the financial statement is soul responsibility of the management…

Q: Who appoints the internal auditor? a. Management b. Government c. External stakeholders d. Members

A: Internal auditor performs internal audit functions.

Q: Explain the steps that should be taken by an internal accountant/CMA when there is a difference of…

A: When the CMA has difference in opinion between with one's supervisor regarding an accounting or…

Q: Which of the following stakeholders rely on internal audit report? a. General public b. Investors c.…

A: Audit is the examination or review of books of account in order to ensure that whether these…

Q: What provisions of the AICPA Council Resolution on form of organization place control of…

A:

Q: t receives financial support principally from the Professional Regulations Commission (PRC).

A: In the given case FRSC was established by the Professional Regulatory commission to assist the Board…

Q: Which of the following agencies issues independence rules for the auditors of public companies?a.…

A: Auditor: The person who is considered responsible for assessing the credibility of the financial…

Q: GAAP provides rules for entities to follow when preparing financial statements which assist…

A: Accounting principles means the fundamental upon which the whole accounting is based. Every entity…

Q: The CPA states in his independent auditor’s report that he has examined the* a. Financial statements…

A: The CPA states in his independent auditor's report that he has examined the a. Financial statements…

Q: Financial statements of public companies are required to be audited by O an independent certified…

A: As per Bartleby's answer guidelines. One question is answered  Audit of Public companies: As per the…

Q: One of an accounting firm’s basic objectives is to provide professional services that conform to…

A: Definition: Quality control: Quality control is a set of guidelines that helps in ensuring that the…

Q: The authority to appoint first independent auditor is vested to __________ a. The shareholders b.…

A: The first auditor of a company shall be appointed by board of directors with 30 days from the date…

Q: Characteristics of internal accounting information includeall of the following except:a. It is…

A:

Q: The primary responsibility of the board is to ensure that it develops a clear understanding of the…

A: The primary responsibility of the board is to ensure that it develops a clear understanding of the…

Q: Management accounting focuses primarily on providing data for: Oa. internal uses by managers Ob.…

A: There are different types of accounting such as financial accounting, management accounting, cost…

Q: Surgimed’s board of directors aimed at ensuring the highest standard of transparency and…

A: The concept of materiality states that the accountant or the preparer of financial statements must…

Q: Governance issues include the following except; Select one: a. Disclosure and transparency b. Role…

A: The term Governance refers to process which is designed to ensure the following quality in the…

Q: Which of the following characteristics does NOT pertain to management accounting? OA. Has externally…

A:

Q: Which of the following is the federal, independent agency that provides oversight of public…

A:

Q: Which of the following statements are True? a) The financial statements are management's…

A: management is primarily responsible for the preparation and presentation of financial statements.…

Q: According to the FASB conceptual framework, the objectiveof financial reporting for business…

A: FASB is an independent 7 member board, of accounting professionals overseeing the creation of…

Q: The Federal Accounting Standards Advisory Board (FASAB) recommends accounting principles and…

A: Financial accounting standards board (FASB): This is the organization which creates, develops, and…

Q: Which of the following parties is responsible for the fairness of the representations made in…

A: Financial statements are the reports prepared to help the stakeholders to analyze the financial and…

Q: Which of the following statements regarding users of financial information is correct? Managers of…

A: Financial statement means the statement including income statement , balance sheet , cash flow…

Q: Discuss elements of the system of external and internal financial reporting thatcreate integrity in…

A: Financial reporting refers to framework which need to be followed while preparing financial…

Q: Detail the roles of non executive director , chief finance officer (CFO), Audit Committee and…

A: Roles of Non-executive director: The non-executive director is responsible for reviewing and…

Q: Which of the following are elements of a single, widely accepted set of high-quality accounting…

A: Hi student Since there are multiple questions, we will answer only first question.

Q: One of the duties of an audit committee is to provide financial information at first to the board of…

A: The answer for the multiple choice question and relevant explanation are presented hereunder :

Q: Answer the following multiple-choice questions. GAAP stands for:(a) governmental auditing and…

A: Definition: Generally Accepted Accounting Principles (GAAP): These are the guidelines necessary to…

Q: Which of the following are important factors in ensuringthe integrity of accounting information?a.…

A: Certified Public Accountant (CPA): CPA is the accountant who is certified and licensed to examine…

Q: The scope of external audit is decided by the: a. Shareholders b. Government c. Management d. Audit…

A: Audit means checking and authenticating the financial statements of the company whether they are…

Q: Which of the following are important factors in ensuringthe integrity of accounting information?a.…

A: Probity of financial accounting information is quite significant as a number of users rely on such…

Q: General-purpose financial statements are prepared primarily for: a.    internal users. b.…

A: General - purpose financial statements are prepared primarily for External users.

Q: Which of the following groups sets standards for audits of federal financial assistance recipients?…

A: As per GASB, the accounting for funds of a governmental unit is different from that of private…

Q: The fair presentation of financial statements in conformity with applicable financial reporting…

A: The financial statements of the business includes balance sheet and income statement.

Q: The accuracy and the presentation of the Public listed companies financial reports is the primary…

A: Auditing is the official inspection of the books of a company and to make sure they are complying to…

Q: Which of the following statements are True? a) The financial statements are management's…

A: Financial statements are the reports that are prepared to indicate the financial position of any…